Generally, an employer is required to deduct and withhold Federal Insurance Contribution Act taxes (“FICA”), Federal Unemployment Tax Act taxes (“FUTA”), and income tax withholding from its employee’s wages and is separately...more
Section 403(b) of the Internal Revenue Code of 1986, as amended (the “Code”) authorizes a type of retirement plan that can be sponsored by certain tax exempt organizations (e.g., a Code Section 501(c)(3) organization,...more
4/6/2018
/ 403(b) Plans ,
501(c)(3) ,
Benefit Plan Sponsors ,
Employee Benefits ,
Former Employee ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Required Minimum Distributions ,
Retirement Plan ,
Tax Exempt Entities
In early November, I posted an article entitled “Tax Reform Proposal Nixes Favorable Tax Treatment of Several Employee Benefits”. That article reviewed the Ways and Means Committee’s proposal (H.R. 1, the Tax Reform and Jobs...more
1/4/2018
/ Adoption ,
Dependent Care ,
Educational Assistance Programs ,
Employee Benefits ,
Employee Relocations ,
Income Taxes ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
IRA Rollovers ,
IRS ,
New Legislation ,
Repeal ,
Roth IRA ,
Tangible Property ,
Tax Cuts and Jobs Act ,
Tax Reform ,
Time Extensions ,
Trump Administration
On November 3, 2017, House Ways and Means Committee Chairman Brody began the legislative consideration of Tax Reform by releasing an amendment (in the nature of a substitute) to the Tax Reform and Jobs Act (H.R. 1 hereinafter...more
11/14/2017
/ Adoption ,
Cafeteria Plans ,
Dependent Care Assistance Program (DCAP) ,
Employee Benefits ,
Employee Relocations ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Markups ,
Proposed Amendments ,
Proposed Legislation ,
Reimbursements ,
Tax Credits ,
Tax Exemptions ,
Tax Reform ,
Ways and Means Committee
On September 27, 2017, the Secretary of the Treasury, the Director of the National Economic Council, the Chair of the U.S. House Ways and Means Committee, the Chair of the U.S. Senate Finance Committee, the Speaker of the...more
10/5/2017
/ Alternative Minimum Tax ,
C-Corporation ,
Charitable Deductions ,
Corporate Taxes ,
Dependents ,
Estate Tax ,
Foreign Subsidiaries ,
Gift Tax ,
Income Taxes ,
Mortgage Interest ,
Parent Corporation ,
Personal Exemptions ,
Proposed Legislation ,
S-Corporation ,
Secretary of the Treasury ,
Standard Deduction ,
Surtax ,
Tax Code ,
Tax Planning ,
Tax Rates ,
Tax Reform ,
Tax Relief ,
Transfer Taxes
On April 26, 2017, Treasury Secretary Steven Mnuchin and U.S. National Economic Council Director Gary Cohn, presented the blue print for President Trump’s tax reform proposal (referred to as the “2017 Tax Reform for Economic...more